Grupo BTG Pactual SA, the Brazilian bank led by billionaire Andre Esteves, agreed to pay $1.5 billion to form a joint venture in Africa with Petroleo Brasileiro SA as part of an incursion into the oil industry.
Vale SA , the world´s largest iron- ore producer, said its controlling shareholders are seeking to replace Chief Executive Officer Roger Agnelli after he was criticized for not spending enough on some Brazilian projects.
B&A Mineracao SA, the venture between Andre Esteves’s Grupo BTG Pactual SA and former head of Vale SA Roger Agnelli, may buy a company in the next three months after purchasing copper and fertilizers assets.
Controlling shareholders of Vale SA, the world’s largest iron-ore exporter, may replace Chief Executive Officer Roger Agnelli with an executive from within the company, said a person close to one of the investors.
After Murilo Ferreira helped Vale SA win a takeover battle for Canadian miner Inco Ltd. in 2006, his boss, Chief Executive Officer Roger Agnelli , promoted him to head the unit and build a global nickel business from Toronto.
MBAC Fertilizer Corp. ended flat after rising 12 percent in the last five days as a venture co- founded by Vale SA’s former Chief Executive Officer became the Canadian crop-nutrient producer’s largest shareholder.